US regulators arrive for Abir climate-risk meetings
Bermuda’s international insurance and reinsurance industry this week hosts the leadership of American regulators, the National Association of Insurance Commissioners, who will participate in a live webinar discussion of international reinsurance and climate risk.
The webinar is presented by the Association of Bermuda Insurers and Reinsurers (Abir) who said today that they are pleased to host the NAIC leadership to continue to broaden the Bermuda and US re/insurance relationship.
Bermuda re/insurers paid more than $209 billion in claims to US consumers and ceding companies between 2016 and 2020 alone, and more than $418 billion since 1997.
The NAIC granted Bermuda Reciprocal Jurisdiction status from January 1, 2020, in addition to the Qualified Jurisdiction status the island has maintained since 2015.
The Bermuda re/insurance market, a natural catastrophe risk centre of excellence, has long kept insurance affordable and accessible in disaster-prone US markets, the Abir statement said.
Additionally, Bermuda companies back more than 50 per cent of the US mortgage reinsurance market, making home ownership possible for responsible borrowers, while the market is becoming a significant participant in the management of global cyber and specialty risks.
Florida insurance commissioner David Altmaier and Idaho insurance director Dean Cameron, the president and president-elect of the NAIC, respectively, will also meet individual Abir members and address the Abir board of directors during their visit to the island.
Covid-19 regulations and guidelines will be strictly observed for the meetings.
The NAIC provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers.
As the United States’ standard-setting and regulatory support organisation, the NAIC is governed by the chief insurance regulators from the 50 states, the District of Columbia, and five US territories.
The webinar, which will start at 11.30am on Tuesday, October 5, is entitled “Leveraging International Reinsurance to Help Close the Climate Protection Gap”.
Joining Mr Altmaier and Mr Cameron on the panel will be Gerald Gakundi, director of supervision at the Bermuda Monetary Authority; Jeff Manson, chairman of Abir’s Climate Committee and SVP, underwriting, and head of global public sector partnership at RenaissanceRe; and Suzanne Williams-Charles, Abir’s director of policy and regulation.
Topics to be discussed during the webinar include:
• NAIC Credit for Reinsurance: an update on the status of the implementation of the model law and model rule
• Bermuda’s Reciprocal Jurisdiction status: why the NAIC granted it and what it means in practice
• Passporting of certified reinsurers throughout the US: the latest progress and when it is likely to be implemented
• Climate Risk — regulation and innovation in both Bermuda and the US, closing the protection gap and the future of ESG reporting
Marc Grandisson, chairman of Abir and chief executive officer of Arch Capital Group, said: “Abir is pleased to welcome these NAIC leaders as we build on our long history of partnership with the United States.
“The Bermuda reinsurance market is privileged to have earned the coveted Reciprocal Jurisdiction status from the NAIC and we look forward to the implementation of the NAIC’s Credit for Reinsurance model law throughout the US to help leverage international reinsurance for the benefit of US consumers.”
Mr Altmaier has been the Florida insurance commissioner since April 2016.
As the leader of the Office of Insurance Regulation (OIR), he has oversight of one of the world’s largest insurance markets.
Under Mr Altmaier’s leadership, OIR has worked to cultivate a market in Florida in which insurance products are reliable, available and affordable.
Mr Altmaier was voted president of the NAIC for 2021, after serving as president-elect in 2020 and vice-president in 2019.
Mr Cameron was reappointed by Governor Brad Little to serve as director of the Idaho Department of Insurance, effective January 4, 2019, having initially been appointed to the role in June 2015.
He has been active in the NAIC, serving as chairman of the Western Zone, chairman of the Annuity Suitability Working Group, chairman of the NAIC B Committee on Health Insurance and Managed Care, and the B/E Long-Term Care Task Force.
Mr Cameron is president-elect of the NAIC for 2021.
John Huff, president and CEO of Abir, said: “As a former NAIC president, I appreciate the leadership Commissioner Altmaier and Director Cameron provide to the US framework of state-based insurance regulation.
“We look forward to this opportunity for personal engagement with the NAIC leadership and staff to further strengthen the relationship between Abir, the Bermuda Monetary Authority and the NAIC.”
Complimentary registration for the webinar is available here
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